Here are Jefferies’ favorite value stock ideas for the next year

Jefferies' research analsyts shared their top value-oriented stock ideas in a note to clients Thursday.

"The S&P 500 sits near multi-year valuation highs, and though it's the most expensive stocks that have driven much of that expansion, there are actually still plenty of 'cheap' stocks," the firm's analysts wrote. "We started with Buy-rated stocks which are cheaper than the S&P and looked at those with flat or up consensus revisions over each of the last two earnings periods."

The analysts said the stocks on its value recommended list are on average cheaper than the market by 3.5 points in comparative price-to-earnings multiples.

Here are four buy-rated companies recommended by Jefferies, along with the firm's current price targets.